Hindenberg Short Report Publishing in India Is Blocked by Indian Sessions Court

on Jul 08, 2022

The publication of the Hindenburg Report in India has been temporarily halted by the Delhi Court, according to Ebix, Inc. (NASDAQ: EBIX), the "Company," a major international provider of On-Demand software and E-commerce services to the insurance, financial, travel, healthcare, and e-learning industries. Additionally, the Court has ordered Google LLC and Twitter, Inc. to remove pertinent URLs (as listed in the Order) related to the Hindenburg Report from the Indian domain.

The Hindenburg Report was the subject of a lawsuit brought by EbixCash in Tis Hazari Court, Delhi, against Hindenburg and its founders, Google LLC, Twitter Inc., and other parties (collectively, "Defendants"), seeking a permanent, prohibitory, and mandatory injunction as well as defamation and damages. The Company gave the Court audit reports from two independent auditors and India's financial regulatory authority for the previous three years, along with a thorough rebuttal supported by evidence.

By order dated July 5, 2022, the Court prohibited the Defendants from disseminating the Hindenburg Report until the lawsuit's conclusion. Hindenberg declined to attend the proceedings, but Google LLC and Twitter, Inc. both had attorneys in attendance to speak on their behalf.

About Ebix, Inc.

Ebix, Inc. (NASDAQ: EBIX) aims to offer on-demand software and e-commerce services to the insurance, financial services, travel, healthcare, and e-learning industries. It has about 200 offices spread out across six continents. Ebix is a global provider of Software-as-a-Service ("SaaS") enterprise solutions in the areas of CRM, front-end & back-end systems, outsourced administration, and risk compliance services with a primary focus on developing and deploying a wide range of insurance and reinsurance exchanges on-demand.

The Company's EbixCash Financial exchange portfolio of software and services includes domestic and international money remittance, foreign exchange (Forex), travel, pre-paid gift cards, utility payments, lending, and wealth management across 75+ countries, including India, with over 650,000 physical distribution outlets in many Southeast Asian Nations ("ASEAN") countries. With operations in roughly 16 international airports, including Delhi, Mumbai, Mumbai, Hyderabad, Chennai, and Kolkata, EbixCash's forex operations are a market leader in India's airport forex sector, processing over $4.8 billion in gross transaction value annually (pre-COVID-19).

Before COVID-19, EbixCash's inward remittance business in India processed about $5 billion in gross remittance volume, making it the undisputed market leader. With over 517,000 agents and over 17,900 registered corporate clients, EbixCash is one of Southeast Asia's top travel exchanges and processes an estimated $2.5 billion in gross merchandise value annually through its travel portfolio of Via and Mercury (pre-COVID-19). The financial technology division of EbixCash provides banks, asset and wealth management firms, and trust organisations throughout India, Southeast Asia, the Middle East, and Africa with enterprise-level software solutions.